Your friend runs a business of hand sanitizers. If the price per unit is 20 taka and his total revenue is 193 taka, how many units of product did he sell? Please give your answer in 2 decimal places. Now, the demand for hand sanitizers is inelastic Would you suggest your friend to increase the price of the hand sanitizers? (Yes or No) One word Answer

Your friend runs a business of hand sanitizers. If the price per unit is 20 taka and his total revenue is 193 taka, how many units of product did he sell? Please give your answer in 2 decimal places. Now, the demand for hand sanitizers is inelastic Would you suggest your friend to increase the price of the hand sanitizers? (Yes or No) One word Answer

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section19.1: Elasticity: Part 1

Problem 1ST: On Tuesday, the price and quantity demanded are 7 and 120 units, respectively. Ten days later, the...

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Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price for wheat and a price 2 higher per bushel. Do you think that farmers collectively would try to reduce the supply of wheat and drive the price up 2 higher per bushel? Explain your answer. Assuming that they would try to reduce supply, what problems might they have in actually doing so?
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On Tuesday, the price and quantity demanded are 7 and 120 units, respectively. Ten days later, the price and quantity demanded are 6 and 150 units, respectively. What is the price elasticity of demand between the 7 and 6 prices?
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